Some people think that competition is a bad thing, when in fact it can be one of the best things for your company.

In this video, Entrepreneur Network partner Patrick Bet-David discusses why you should compete in business.

Competition brings out your best work. When you're competing against other businesses or even people, you're pushed to achieve your full potential. The pain of losing is a great motivator, Bet-David says.

People who deter you from the act of competing often do so because they're still mending their own wounds from previous losses. You can't listen to them. From helping build solid relationships with others to keeping your brand in the game, competition yields a number of positive results.

Click play to learn the 10 ways you can use competition to your advantage.

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